Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18,750 4.500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9.750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31, 2019